Millennium Management Bitcoin ETF

YEREVAN ( — International hedge fund Millennium Management has disclosed nearly $2 billion in spot Bitcoin ETF holdings in Q1/2024, according to its 13F filing with the U.S. Securities and Exchange Commission (SEC).

Millennium Management's $2 Billion Bitcoin ETF Investment Unveiled"
Source: @hudakovz on Twitter
Millennium Management’s $2 Billion Bitcoin ETF Investment Unveiled. Source: @hudakovz on X

BlackRock and Fidelity Bitcoin ETFs Lead Millennium’s Holdings

Millennium’s largest investment was in BlackRock’s Bitcoin fund, with over $844 million allocated. Close behind was Fidelity’s Wise Origin Bitcoin ETF, where Millennium invested $806 million.

The hedge fund also diversified its holdings with investments in the ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), and Grayscale Bitcoin Trust (GBTC). This strategy spreads risk and leverages the strengths of various ETF products.

Bloomberg ETF analyst Eric Balchunas described Millennium Management as the “king” of Bitcoin ETF holders. He noted that the firm’s exposure is 200 times that of the average new ETF holder among the top 500. This staggering difference highlights Millennium’s dominant position in the market.

Balchunas shared that about 60% of new spot Bitcoin ETF buyers were investment advisory firms, with hedge funds making up around 25%. This mix indicates a broadening interest in Bitcoin ETFs across different types of investors.

Source: Eric Balchunas
Source: Eric Balchunas

Institutional Interest is Growing in Crypto ETFs

Bitwise chief investment officer Matt Hougan pointed out that the filings reveal important details about the buyers.

Who's Buying Bitcoin ETFs? Insights from 13F Filings"
Source: @BitwiseInvest on Twitter
Who’s Buying Bitcoin ETFs? Insights from 13F Filings – Source: @BitwiseInvest on X

Hougan expects the total number of professional firms investing in Bitcoin ETFs to grow. By the May 15 filing deadline, he predicts there may be over 700 professional firms with a total AUM approaching $5 billion.

Adding to the institutional interest, the State of Wisconsin disclosed a $164 million investment in Bitcoin ETFs, which is spread across funds offered by Grayscale and BlackRock. The participation of state-level investors further underscores the growing acceptance of Bitcoin ETFs in mainstream finance.

State Pension Fund Invests in Bitcoin ETF: $100M Allocation"
Source: @EricBalchunas on Twitter
State Pension Fund Invests in Bitcoin ETF: $100M Allocation
Source: @EricBalchunas on X

Is Bitcoin ETF Craze Making BTC Markets Bullish?

The detailed insights from these filings have made industry experts increasingly optimistic about Bitcoin’s future. Hougan’s bullish stance is echoed by the substantial investments from various professional firms. The scale of institutional interest bodes well for the cryptocurrency market, suggesting a strong foundation for future growth.

By diversifying their holdings and committing significant capital, institutions like Millennium Management are paving the way for broader acceptance and integration of Bitcoin ETFs in the financial landscape.

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